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Jul 19, 2011
07/11
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so when members of congress say continue the war in afghanistan, afghanistan, $10 billion a month, they are saying we're prepared to borrow $4 billion every single month to keep that promise. so the president comes to us about once a year and says i need more authority to continue to borrow money to pay for the things that you have asked us to do. that's what it comes down to. now, nobody likes to vote for the debt ceiling because it is so widely misunderstood. most people basically say i don't want to be associated with it. i have been guilty of that in my political career, but the fact is most of us look over our shoulders at the final vote and say we better pass this darn thing because if we don't, we will default on our debt. the full faith and credit of the united states of america is like our credit score. guess what? we have the best in the world. of all governments in the world, we have the best. aaa. it doesn't get any better, and it's always been there. and that has helped us. it's helped us not only to borrow money at lower interest costs but the fact that our economy has loo
so when members of congress say continue the war in afghanistan, afghanistan, $10 billion a month, they are saying we're prepared to borrow $4 billion every single month to keep that promise. so the president comes to us about once a year and says i need more authority to continue to borrow money to pay for the things that you have asked us to do. that's what it comes down to. now, nobody likes to vote for the debt ceiling because it is so widely misunderstood. most people basically say i don't...
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Jul 6, 2011
07/11
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first, we waged two wars in iraq and afghanistan, and we didn't pay for them. i think back in my history, and i can remember as a kid that every birthday i would receive a savings bond, u.s. savings bond. and i used to think it was interesting, they would hand me these $25 savings bonds and i knew they cost $18.25 but if i didn't do anything and held on to them, they would be worth $25. grandma and grandpa would give me the $25 savings bond and i knew it cost $18.25. those savings bonds is how we fund wars. americans sack tpaoeuzed -- sacrificed and they bought savings bonds. it was my family tradition. it was the tradition in america. when it came to the two most recent wars -- iraq and afghanistan -- it didn't happen. we borrowed the money from other countries. during that eight-year period of time under president bush, we wage twaod wars and borrowed the money and added it to the national debt. and we did something else. no president in the history of the united states of america ever has cut taxes in the midst of a war. and you know why? because you have yo
first, we waged two wars in iraq and afghanistan, and we didn't pay for them. i think back in my history, and i can remember as a kid that every birthday i would receive a savings bond, u.s. savings bond. and i used to think it was interesting, they would hand me these $25 savings bonds and i knew they cost $18.25 but if i didn't do anything and held on to them, they would be worth $25. grandma and grandpa would give me the $25 savings bond and i knew it cost $18.25. those savings bonds is how...
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Jul 19, 2011
07/11
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afghanistan, iraq, pakistan, libya, and soon as mr. leon panetta says, we'll be fighting in iran. we have military operations all over the middle east. why can't we divert some of those funds, cut some of those wars and not cut social security because social security never impacted on our debt. social security was funded all along so why are we cutting social security? >> guest: well, let me just assure you we are not going to cut social security, okay? i think there might be efforts in the house to cut social security, and it might possibly pass, although i certainly know that the cut cap and whatever it's called won't pass because it requires a two-thirds vote and you need 50 democrats to vote for it, and i don't believe we'll have 50 democrats to vote for it, but i guarantee you if any measure passed the house of social security, it would not be taken up in the senate, and if it did, i believe the president would veto it. you know, you're a retiree, paid into social security, all of your working life, and you deserve to continue to have that guarantee for you, and then i agree
afghanistan, iraq, pakistan, libya, and soon as mr. leon panetta says, we'll be fighting in iran. we have military operations all over the middle east. why can't we divert some of those funds, cut some of those wars and not cut social security because social security never impacted on our debt. social security was funded all along so why are we cutting social security? >> guest: well, let me just assure you we are not going to cut social security, okay? i think there might be efforts in...
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Jul 21, 2011
07/11
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paychecks for soldiers, in afghanistan and iraq and at bases around the world conceivably wouldn't go out. f.a.a. towers could shut down. border crossings could close. operations at the f.b.i. and the c.i.a. would be put at risk. safety inspections of the food that we eat and the cargo that enters our ports could halt. and the resulting spike in interest rates would ironically make our debt even harder to tackle because each 1% rise in interest rates alone would result in $130 billion in increased interest payments on our national debt each year. perhaps, most importantly, hard-working american families would also feel the crunch. a spike in interest rates would effectively force a tax on all americans and american businesses due to increased consumer costs. just as important, failure to raise the debt limit would lock up credit markets because the u.s. would no longer be seen as a reliable credit risk. coincidentally, mr. president, yesterday an important consumer protection law which senator lugar and i introduced and passed and you helped us with on the floor here last year went in
paychecks for soldiers, in afghanistan and iraq and at bases around the world conceivably wouldn't go out. f.a.a. towers could shut down. border crossings could close. operations at the f.b.i. and the c.i.a. would be put at risk. safety inspections of the food that we eat and the cargo that enters our ports could halt. and the resulting spike in interest rates would ironically make our debt even harder to tackle because each 1% rise in interest rates alone would result in $130 billion in...
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Jul 6, 2011
07/11
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right now there are 140,000 brave americans risking death and injury in afghanistan and iraq. do we reduce our responsibility to them because republicans don't want to burden millionaires? additionally, payments to doctors under medicare, medicaid could be suspended. where do the seniors and needy americans turn then in the event of an urgent medical problem? at a time when nearly 14 million americans are out of work and struggling to keep food on the table, unemployment benefits could lapse. we're talking about the possibility of people without incomes, people unable to sustain their basic needs. in addition to destroying the safety net for ordinary americans, a default crisis would likely threaten america's position as the economic giant of the world, as we see the possibility of widespread panic on wall street and the damage to the credit markets that could lead to the loss of millions of jobs across the country. the question has to be answered, mr. president: why are the republicans willing to walk on this economic tightrope to win favor among wealthy contributors? it's be
right now there are 140,000 brave americans risking death and injury in afghanistan and iraq. do we reduce our responsibility to them because republicans don't want to burden millionaires? additionally, payments to doctors under medicare, medicaid could be suspended. where do the seniors and needy americans turn then in the event of an urgent medical problem? at a time when nearly 14 million americans are out of work and struggling to keep food on the table, unemployment benefits could lapse....
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Jul 21, 2011
07/11
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over the entire decade, the cost of afghanistan and iraq wars is about $1.3 trillion. and that is a lot of money. again, that's over ten years, over a decade. this year alone, the deficit is expected to be $1.4 trillion. the deficit this year will be larger than the cost of the iraq and afghanistan wars over ten years. the driving force behind our deficit is not the wars in iraq and afghanistan. it's just not. war costs represent only 4% of total outlays over the last ten years. the total amount of money spent since president obama took office is $8.5 trillion. by the end of his first three years in office, we will have added $5 interest to our gross federal deficit. these are stunning numbers. bush had a widely criticized $450 billion deficit. since president obama has been in ofsz the deficits -- in office the deficit looks like it will be $1.5 trillion. we are borrowing too close to half of what we're spending every single day. in the last few years, discretionary spending, non-defense discretionary spending in the last two years increased 24%. 12% a year on average
over the entire decade, the cost of afghanistan and iraq wars is about $1.3 trillion. and that is a lot of money. again, that's over ten years, over a decade. this year alone, the deficit is expected to be $1.4 trillion. the deficit this year will be larger than the cost of the iraq and afghanistan wars over ten years. the driving force behind our deficit is not the wars in iraq and afghanistan. it's just not. war costs represent only 4% of total outlays over the last ten years. the total...
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Jul 27, 2011
07/11
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soldiers, in too many cases returning from iraq and afghanistan, are facing even greater challenges in the working market. i was at youngstown university talking, there are programs there, there's a group through magnet in youngstown in northeast ohio about putting -- getting -- helping soldiers and sailors and marines leaving the service, integrating into the classroom and helping them find jobs in that region, someplace we've fallen woefully short. manufacturing, which was moving along steadily earlier this year, we had seen 12, 13, 14, 15 months of job growth in manufacturing, not enough job growth but some, that's even slowing down. steps taken through the auto rescue and other things we did in the last couple of years dealing with this terrible, terrible recession created in 2007 and 2008 the auto rescue saved millions -- auto rescue and other efforts saved millions of americans from joining the unemployment rolls and we're seeing a better auto industry, an auto industry coming back, especially in places like defiance and toledo and northwood and cleveland and lordstown, ohio. bit
soldiers, in too many cases returning from iraq and afghanistan, are facing even greater challenges in the working market. i was at youngstown university talking, there are programs there, there's a group through magnet in youngstown in northeast ohio about putting -- getting -- helping soldiers and sailors and marines leaving the service, integrating into the classroom and helping them find jobs in that region, someplace we've fallen woefully short. manufacturing, which was moving along...
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Jul 29, 2011
07/11
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afghanistan is not settled, mr. president, and we have to have a certain level of stability on the ground in afghanistan or we will have wasted the billions that we have already spent and the lives of our military personnel in afghanistan because it will go back to the way it was before, a center for terrorism that will come to our country or can come to our country. it did once already and we have been over there to try to wipe out al qaeda and the taliban, which has been in league with al qaeda. we have been over there losing american lives and spending american taxpayer dollars to protect our country from another 9/11. to say that we're going to cut $1 trillion in the future over the next ten years when we aren't placing the emphasis on what are the conditions on the ground is not sound policy and it's certainly not sound national security policy. so that's illusory. and then the other parts of the cuts that i think are very hard to decipher are cutting waste, fraud and abuse, which we all want to do, but we don'
afghanistan is not settled, mr. president, and we have to have a certain level of stability on the ground in afghanistan or we will have wasted the billions that we have already spent and the lives of our military personnel in afghanistan because it will go back to the way it was before, a center for terrorism that will come to our country or can come to our country. it did once already and we have been over there to try to wipe out al qaeda and the taliban, which has been in league with al...
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Jul 14, 2011
07/11
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denying the federal treasury those moneys at a time in which we had two wars raging abroad in iraq and afghanistan and new entitlement program unpaid for, and a marketplace that instead of being a free market, which i support, became a free-for-all market in which investor decisions end up becoming collective risks to the entire country. and that's what we have been facing. instead of meeting this responsibility, they favor cuts in entitlements to seniors, to the disabled, the families struggling to make ends meet, to students seeking to get the college education that can help fuel america's prosperity. that's what we saw in the house republican budget that passed. but are willing to decimate our nation's economy to protect entitlements for the rich. they've dug in their heels and walled off irresponsible, unnecessary tax breaks for big oil companies. they've walled off entitlements to multibillion-dollar corporations and millionaires who need no entitlements because they believe, blinded by their ideological haze, that the rich are entitleed to their outrageous ways even if it means ballooning th
denying the federal treasury those moneys at a time in which we had two wars raging abroad in iraq and afghanistan and new entitlement program unpaid for, and a marketplace that instead of being a free market, which i support, became a free-for-all market in which investor decisions end up becoming collective risks to the entire country. and that's what we have been facing. instead of meeting this responsibility, they favor cuts in entitlements to seniors, to the disabled, the families...
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Jul 20, 2011
07/11
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president, to borrow the money to sustain our military forces in afghanistan. that is literally what we're talking about here in this debate. the american people are starting to come to understand it because when you first ask a person do you want to extend the debt ceiling, the obvious answer is no, are you crazy, senator? why would i want more debt in this country? we need less debt, not more. don't you get it? understandably, that's the public reaction, but when you go to the point of explaining that this is to pay for things we have already -- debts we have already incurred -- and it isn't just to wage a war. it's a debt incurred to pay for medicare. we said to 65-year-olds across america you get a health insurance plan called medicare and it will be there when you need it. when you go to the hospital and turn in your bills, we'll pay that doctor and pay that hospital, and we borrow money to do it. mr. brown: will the assistant majority leader yield? mr. durbin: i will. mr. brown: i just walked in. i appreciate your comments about where we were. 10 years ag
president, to borrow the money to sustain our military forces in afghanistan. that is literally what we're talking about here in this debate. the american people are starting to come to understand it because when you first ask a person do you want to extend the debt ceiling, the obvious answer is no, are you crazy, senator? why would i want more debt in this country? we need less debt, not more. don't you get it? understandably, that's the public reaction, but when you go to the point of...